Lululemon Athletica Inc. shares shot up more than 7% in the extended session Thursday after the company beat earnings expectations and issued better than expected guidance. Lululemon shares dropped 0.6% to $105 during regular trading. The company reported first-quarter net income of $75.2 million, or 55 cents a share, compared with $31.3 million, or 23 cents a share, in the year-ago period. Adjusted earnings were 55 cents a share. Revenue rose to $649.7 million from $520.3 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 46 cents a share on revenue of $616 million. For the second quarter, analysts model earnings of 44 cents a share on sales of $646 million. The company said it expects earnings of 46 cents to 48 cents a share on revenue of $660 million to $665 million; it expects full-year revenue of $3.04 billion to $3.08 billion and earnings of $3.10 to $3.18 a share. Lululemon stock has gained 33% this year, with the S&P 500 index rising 1.9%.